Thu, Dec 12, 2024 @ 02:04 GMT
Facebook Mail RSS Twitter
HomeContributorsTechnical AnalysisEUR/USD Pair is Correcting Lower from the 1.1784 High

EUR/USD Pair is Correcting Lower from the 1.1784 High

FXOpen
By FXOpen

The Euro declined below 1.1750 and tested the 1.1710 support zone against the US Dollar. The EUR/USD pair started a fresh increase from the 1.1710 support base and it climbed above 1.1750.

There was also a break above a key bearish trend line with resistance near 1.1740 on the hourly chart. It even broke the 1.1765 resistance and the 50 hourly simple moving average. A high is formed near 1.1784 on FXOpen and the pair is correcting lower.

An initial support on the downside is near the 1.1765 level. The first major support is near the 1.1755 level, below which the pair could decline towards the 1.1725 level in the near term.

On the upside, the 1.1785 and 1.1790 levels are important hurdles. Any more gains might call for a steady increase above the 1.1800 resistance zone.

FXOpen
FXOpenhttps://www.fxopen.com/
FXOpen is a global Forex and CFD Broker, founded in 2005 by a group of traders. With over 16 years of experience, the company has gained an excellent reputation a major brokerage that continues to expand rapidly. The broker offers a choice of platforms, including the popular MT4 and MT5 platforms, with a wide range of trading instruments with spreads from 0.0 pips: 600+ FX, index, share, commodity and cryptocurrency CFDs. FXOpen also provides its own PAMM technology, allowing clients to benefit from the strategies of experienced traders with a proven track record of successful trading and guarantees automatic distribution of profit and loss between the strategy provider and the strategy followers. CFDs are complex instruments and come with a high risk of losing your money. PAMM is only available in certain jurisdictions. Cryptocurrency CFDs are not available to Retail clients at FXOpen UK.

Featured Analysis

Load more

Learn Forex Trading

ActionForex.com was set up back in 2004 with the aim to provide insightful analysis to forex traders, serving the trading community for over a decade. Empowering the individual traders was, is, and will always be our motto going forward.

Contact us: contact@actionforex.com

© ActionForex.com © 2024 All rights reserved.